Tuesday , June 2 2020

China,Turkey and Malaysia backing Pakistan to avoid FATF Blacklisting

FATF
FATF

 

The Financial Action Task Force (FATF) put Pakistan on its “gray list” in June 2018, and gave Pakistan an October 2019 deadline to take action against militant groups and cut off their funding.

 

Pakistan’s performance will on Friday be reviewed by the terror watchdog FATF, whether Pakistan has done enough to avoid the blacklist, which includes only two countries Iran and North Korea.

 

FATF could also decide to keep Pakistan on its “gray list,” which would mean that it believes that Pakistan’s financial system continues to pose a risk to the international financial system because of “strategic deficiencies” and money laundering.

The FATF “gray list” list also features Ethiopia, Yemen, Iraq, Syria, Serbia, Sri Lanka, Trinidad and Tobago, Vanuatu and Tunisia.

If blacklisted, Pakistan will face financial consequences and economic setbacks at a time when its economy is facing a balance of payments crisis.

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